ECLECTICS:WHAT DID WE LEARN FROM KEYNES?PART 18

and April,1975 during the same year in which precisely by May unemployment stood at 9percent,just two months at the end of the recession.It was begun with mild recession in 1970 negative for 3 quarters and unemployment notched 6.1percent.And after he was reelected pledged to boost growth without inflation trigger.He was reelected because of an accessory of three different fiscal policies announced on August 15,1971.The announcement somehow sowed the seeds of later stagflation or popularly called Nixon shock,as declared during announcement.The 1973 oil embargo when OPEC cuts oil and placed embargo on the United States was blamed by the experts as the cause and many economists disagreed.Inflation grew exponentially as prices hit the roof,quadrupled and still wasn't sufficient ground to cause stagflation and it was a combination of fiscal and monetary policies that actively led to it.Besides 90day freeze on prices and wages,Nixon also imposed 10percent tariff on import with intention to lower balance of trade.